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Midtown Atlanta is getting a new experiential movie theater concept.
North American Properties has signed iPic Theaters to be the retail anchor at its redevelopment of Midtown's long-standing Colony Square Mall, which is also expected to include a 20K SF food hall, 940K SF of offices, a 466-room hotel and a 262-unit luxury multifamily component. The luxury movie theater will also include a flagship restaurant from a James Beard Award-winning chef.
The companies announced the lease Tuesday morning; the iPic would comprise a nine-screen theater with 426 seats, along with a 6,700 SF restaurant and bar to be operated by Sherry Yard, a pastry chef who worked under Wolfgang Puck and is iPic's chief operating officer for its food offerings. The Boca Raton, Florida-based theater chain will occupy a portion of the project's expected 260K SF of retail.
NAP had been in the market for a movie theater anchor for the space, as it revealed in an application for $160M in public bond financing.
“We have had our eye on the Atlanta market for five years now, and the Colony Square redevelopment project allowed us to launch the iPic brand experience into one of the top ten [designated market areas] in the country," iPic CEO Hamid Hashemi said in a release.
NAP bought the mall and attached office tower from Tishman Speyer and Rialto Capital in 2015 for $164.5M, and set about repositioning one of Atlanta's first mixed-use developments into a 21st century destination, including removing the roof of the mall. The project, along with the iPic, is set for a 2020 opening.
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